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coming in to the economies across europe. not expect a surprise announcement. there is a talk of bank deposits. it he talks more broadly about the numbers and the market economies. >> what is the next step? are we going into asset quality reviews? maybe? underestimateer it. he made surprises in the january and february part of the year with his package that does something a bit more than that there is a coalition agreement and i think she will be behind some of the stimulus. >> talk to me about your favorite picks. talk to me about the macro environment. diverse. >> indeed. play.are a macro- there is growth in china and the it demonstrates some and boost cash flow. the cash flow comes through next year and stronger growth in oil prices. your your go back to unit trust. joined later are in the hour. 2014l ask him about his investment strategy. we'll have more on this story thisf apple can deal with on the move. >> in london, this is on the move. we on your phone, your tablet. here is what is on the move. we heard news this morning. accounts in the electronics business and they gained 5
add aeal that trillion dollars to the economy. u.s. compliments on food subsidies in a latin american block. president obama praised the draft agreement. analysts say it will do more to salvage the long-running doha round of talks and to solve food shortages and tell global commerce. more on this deal later. we're going to hear. the u.s. and japanese economies will recover the most next year. find out more from the chief economist when "first up" returns. ♪ >> australia's largest insurer shares are plunging, the biggest drop in 12 years up down 21%. it is paired off that one. unexpected net loss of about $250 million. it is due to write-downs at the north american operations. this is a stock where watching for you this morning. qbe falling the most in 12 years. that will be one of the lacquers on the sx 200. on tuesday a hearing is due to begin. into the asian on the crash. happened in san francisco in july. people died when the bowl and triple seven hit a seawall as a came into land. they're going to look at the pilot performance. on wednesday it is hong kong's biggest debut in a y
of people but he is also very hardheaded about things like the economy. when he got into office, they had been really sapped by sanctions for all these years and could have gone either way. look at zimbabwe next door. interesting because you mentioned the sanctions risk. there was a divide in this country about the sanctions. reagan was slow to act and there was a lot of pressure or members of the congressional black caucus and other circles as they have been noting tonight, lots of concerts in support of mr. mandela, lots of concerts in support of those who said that we should not have any dealings with south africa as long as apartheid was still in place. >> the people for sanctions were on the right side of history because it really did weaken the regime and probably brought them to the bargaining table much quicker. >> in your article, you noted south africa's economic and clinical aspects were intertwined. how so? how did he help to narrow that defined? had growth rates under 1% during the entire apartheid regime. from the time he was a like did until 2008 they were clipping along. t
. landmarkelebrating at deal that could add to the global economy. it is the first deal in the 18 year history of the wto. to help globalpt commerce and food shortages. several street firms are under investigation for the hiring. they have widening inquiring where children of high politician and clients are hired. the u.s. -- there was a big surplus in years. here is a breakdown. >> that is right. almost close to five years. exports beat estimates. , less than expected, but still up. that was as traders where -- existing stock house. -- piles. there's global momentum. european companies and south korea and the u.s. -- when analysts look at the figure, they are slightly disappointed. it shows that china is not importing as much as you would like. a user the sense that perhaps domestic is soft. really focus on the important part of the equation. they have no the export art. can they show that they are not as reliant on exports and that there is a favor for domestic consumption. cbi. begin with coming in at 3%. of course, it is within that target 3%. goodtic producers of services -- falling 1.4%.
policy finally sorted out which is very positive for the world economy as well. there seems to be the argument -- they are talking that the normal , he ise of unemployment looking at that and going, we can fix that. we cannot better paid jobs, more jobs, we can change the dynamic through innovation and thinking about the problems that we face. how realistic is that? do with the unemployed men story on both sides of the atlantic? >> i am having lunch with larry today. i will carry on afterwards with him. if i could just revert to the ec1 investing enough. investing has been very poor. we are sitting on huge amounts of money. ins of people want to invest u.k. plc. the announcement earlier in the week, opening the doors to create higher-paying jobs. we are creating very poorly paid jobs. we have to create higher-paying jobs here in the u.k. and create real economic growth. the u.s. has a similar problem. wages haven't risen for over 20 years. we have been doing something's wrong. of investmentck in infrastructure and other areas. we have exported to much of our capital expendit
korea and european economies consume and really rely on getting that consumer to spend more and consume more? numbers. get inflation >> that is due in at just 30 minutes from now. we are expecting cpi rising 3.1% for the month of november. that is falling from the month of october. take a look at pbi as well. >> continually falling. >> negative one point five percent is the estimate in my with what you saw in october. consistentlync. -- in that 1.5% range. >> thanks all for that. stay with china because it has been reported that an additional 5 wall st firms are under investigation for hiring practices. new york times saying regulators have widened their inquiry as to whether jpmorgan broke anti- bribery laws. last month the bank and it plans to manage china everbright ipo amid scrutiny. the wto celebrity a landmark deal that could add $1 trillion to the global economy. subsidies on food dropping opposition to a deal. president obama praised the agreement which is a first in the 18 year history of the wto. analysts say it will do more to salvage talks then food shortages and help global
. considerable fiscal constraints. we're going to see environment -- it will allow for the underlying economy to look stronger. >> the bloomberg political analyst is with us -- sequestration in 2014 is different for him last year. >> they realize -- both sides realize they made a huge mistake. interesting point to me, we had a stock market high. we have housing rates out. we have more millionaires and billionaires. you have all of this data and then you have 75% of the country saying we are on the wrong track. >> will that look like going forward when you deal with the restructuring of fannie and freddie? will we see tightening standards and will that hurt the economy even more? >> i think that is one of the challenges. there are lasting scars. we will continue to see regulatory changes and adjustments. one of those is in the mortgage market. >> can i get a mortgage in 2014? doesn't change the radically that i cannot the mortgage? >> we could see some listening, but when we look back, it will look fundamentally different than what we had during the bubble. >> let's look at today's jobs report
the disappointment has been most. we have not seen structural reform as of yet. to push the that economy forward to drive up it isment opportunity and absent. the fourth ee quarter number better assuming an upsurge as a result of the taxation going into next year? >> the anticipation of sales ax increasing next spring is bringing some spending forward. you may see some corporate ahead of that. but the disappointment in japan is we are trying to increase at all. the radical opposition to the economics program would say we should be cutting spending taxes, not increasing taxes increased spending. >> you pwroeu up obama. draw the line between what is hang with the u.s. sort of policy moving forward but in of fed and what will happen in japan. the level of linkage. ex-existential. abe economics depends on the economics and a q.e. policies. what has driven the stock market up and yen down is the huge amount of risk takers piling which is atest story abe economics and shorting the yen. sort of pullback in the global asset price to q.e. the ated yen will be shooting up and stock market would fall. wit
google and apple urged the u.s. government to stop it is spying. japanese economy slows. exclusive interview with the prime minister tells us there is no end to abenomics. good morning, everybody. i am guy johnson. >> i'm francine lacqua. let's get straight to the top corporate story. fiat is planning a $9 billion investment in new models. >> it is part of their turnaround strategy to end losses in europe and revise its italian factories. jonathan ferro joins us now with the details. big money, big focus on the romeo. marks like alfa >> it is not just about upscale and luxury, it is about the cars and fiat that are actually selling, the 500, the alfa romeo that has mass is potential at the luxury end of things and the maserati as well. u.s. selling more in the than anywhere else. it is about made in italy and it looks like it is going to be about sold in the united states. has beent in europe doing so badly and they have had to cut jobs within italy itself heard good news because they're actually leveraging the luxury branding that goes with the identity of italy. that is where the
latest report on the state of the u.s. economy. then the fcc considers a plan to let air travelers use their cell phones in flight. the inter-sector is being called the fastest cop car ever. to our viewers here in the united states and those of you joining us from around the world, welcome. we have full coverage of the stocks and the stories making headlines tonight. yang yang is in washington with today's cover story. she will have the latest on u.s. government rules that could change the way we fly. we will have that story coming up. economic conditions around the nation shows the united states still growing at a moderate to modest pace. is that enough to get the fed to alter its row graham. >> the new beige book does not contain any major revelations on the u.s. economy but it could bolster the view that the economy is gaining traction and could affect policymakers decisions on whether or not to scale back their asset purchases. from the fed's 12 districts, early october to mid november, that includes the 16-day government shutdown. economic activity continued to expand at a modest
they could be influenced. the official forecast is for 185,000 new jobs created by the economy, 180,000 of them private, but the whisper number on the street is stronger -- over 200,000. the number, we had a big surprise -- remember, we had a big surprise last month and everyone expected a disaster. the adp payrolls number came in over 200,000, and that surprised people. factor in revisions, and we could see 50,000 or 60,000 additional jobs added. bettingld have people on the fed starting to buy what buys in bonds.-- cars. rates on homes and the fed surprises by not tapering after the weak job report in september. talked back oner the table. >> doesn't the fed have a target for the unemployment rate? >> yes, and no. ring does notape -- tightening. then implement number does not mean as much because it was distorted by the government shutdown. it will come down, but it will not be a factor for the fed air it said officials have told me -- that. -- said. fed officials have told me it will not be dependent. fourth-quarter gdp is tracking much lower, around 1%. they want evidence we wil
basket than just stocks and bonds. for longer,say low is that a call for the economy or on the market or will they both move in lockstep? >> it is both. growth is going too slow for a longer. of time. we think that the fed will keep monetary policy easy. short-term rates will remain where they are. long-term rates will budge up a bit. the stock market -- the peas are pretty high. we can squeeze a lot of juice out of that. we want to be a bit cautious for the longer-term right now. we want to make sure the people are using this diversification and understand the correlation may work against them up the market does react in a way that we are thinking. >> how is blackrock positioning itself to benefit from this environment? you have to look at the market and say, what do i do so that people invest with us? >> you will hear a lot today. you are in the right place. we will have our chief strategist talk to you today. they will give you an idea of where to be to protect yourself. one of those areas is diversification. not just in treasury, but more in credit. you are earning a coupon in the
economy. a $1 trillion to the global economy. >> welcome to "countdown." i am mark barton. >> i am anna edwards. is a bloomberg news exclusive. shinzo abe says there are no and to abenomics. he talks about how japanese companies can stay competitive under his policies. regarding the corporate tax starting next fiscal year, we decided to reduce by 2.4% and we will be moving forward with reviews and studies on how corporate tax should be in order for japanese companies to stay competitive. thee will have a more from exclusive interview throughout the program. >> ukraine. protesters have flooded the streets of the capital among speculation that the president is going to sign up to a russian trade bloc. david tweed is there. angela merkel must be keeping a close eye on that. >> i want to give you an idea on how much of the german media and political establishment -- i want to show the right side the newspaper. this is the picture on the front and is also on the front of several other national newspapers that the statue of lenin was toppled late last night. and then decapitated. this is a bi
looking pretty bad, the president's approval ratings are not looking good either. >> it hurt the economy. >> the economy is moving in the right direction and any sort of shutdown or shake, the uncertainty in washington is what is damaging the economy right now. >> as they take budget off the table temporarily, what is obama doing as his domestic priorities? >> he has to devote all of his attention into righting the healthcare ship. this is his legacy-defining item. the enrollment numbers are looking pretty good but that is in the front end. enrollment is a lot different than actually getting the 7 million people that they need signed up and having purchased health care. they are focusing big on colleges, on getting the word out to be able to get the young uninsured signed up to balance out that risk pool. >> i am not in that risk pool. if they are going punt on entitlements and taxes, which they're going to do, they will not do it next year either, are they? >> i am starting to believe that none of that can happen meaning structural changes to entitlements until we have another big elec
and for monday. 203,000 jobs being added to the economy. exciting to see. great news. >> 7% unemployment. >> yes, americans back to work. forcee labor participation went up meaning more people are being counted. that's been a big concern, that just falling off. >> all reason to cheer. and market likes it. >> market loves it. they mightd think get nervous because it might mean tapered sooner rather than december.n as soon as >> right. >> nonetheless, higher. >> good news is good news. let's go to the big picture. will show you the three charts you've got to see. the dow industrial up 183 points. up 1.2%. we were up about 193 points a few minutes ago. slightly off the highs but still vague very good day. thewe're making up for ground we lost in the preceding five days. will this is curious. spike up early this morning up to 2.93 and back were.re we you're wondering whether the taper is priced in. >> could be. >> yup. at about -- >> good is good. >> means good is good. i like it. story., by the way, same it's call it flat. it's only up 29 cents. oil is up 6% in one week. begin to think maybe this t
:00 p.m.'s economy slowed more than estimated last quarter. gdp was 1.1%. that was revised down from the first estimate. business spending was weaker than initially thought as companies are cautious on their economy. protesters poured into the streets of kiev. they fear that the president is going to bring the country into an economic bloc led by russia. this followed a rally where they tore down a statue of vladimir lenin. and a chance to own a piece of the sydney opera house. you can own a tile for as little as $90. you do not own it physically, but you can personalize it online, giving you virtual ownership. fundraiserart of a to pay for the renovations. >> i would do that. people buy stars for each other, why not buy a piece of the opera house. >> there is a birthday gift for tom. >> time for single this chart. what do you have? >> he is going to become the ceo of time warner cable. there is work that the company will be acquired soon. rob marcus has a big payday coming. he could go out the door with a golden goodbye. we wanted to take a look at what other recent severance packag
by for the latest read on the economy. initial jobless claims and personal consumption on deck. we have a jobs report tomorrow. michael mckee has the real deal on the numbers. data, two other central banks have their decisions -- no change on the ecb or the bank of england. >> but it does tell us something. there are implications for both of the banks in making no decisions. the bank of england, their economy is picking up and the government raise their economic nexth forecast to 2.4% year. should that push up inflation, they have a problem. they are already at 2.6%. by doing nothing, the bank of england tells us they do not think inflation will be a problem. across the channel, to the ecb, their problem is inflation is too low. it was at 0.9% in october. their decision says they are staying put and they do not need to take additional action as it did last time with a cut in interest rates, so they are on hold, but we will watch what mario draghi says. they're expected to put out new forecast for the next two years and their first look at 2015, and people will try to extrapolate where they thi
. the notion that u.s. companies by aning hurt i this nsa program is a great concern to the u.s. economy when you have politicians talking about how they want more of the economy to look at the big tech company. the tech companies think this is ability to grow businesses internationally. >> how do you think the white house will respond to this? is an open question. this white house has really been dragging their heels on concerns that people have raised about national security. trying to build out the infrastructure. whether businesses have more sway in the white house, traditionally has always been the case. we will see if these companies forget the industry. some of the biggest companies in the world are signing these. those companies, one would imagine, would have a lot of swipe. cory johnson, editor-at- large, thank you. i want to bring in michelle she focuses one cyber and government transparency issues like the foreign surveillance act. she joins us from washington, d.c. it a little ironic given that many of the technology companies have been cooperating? is this just political posturin
is because we live in a complex global economy and they mirror the complexity. whether supply chain or payroll management. >> what china is working very are -- hard at things that people want. when are they going to have their own dreamworks studio irrespective of what we have? movies that we are going to went over here? >> they are working on that certainly. they are playing on their domestic audience and working it up. there is also a funny exchange between josh and jeffrey katzenberg about disruption and then barry diller. take a listen. is just an amazing man. honestly without question, one of the most brilliant people even to this day. i still think he is one of the most amazing and brilliant and inquisitive intellectual mean ba stards i have ever come across. >> he could not resist using a word, either, to describe. > john borthwick, the mean -- >> what do you think of, when jeffrey katzenberg has difficulty placing barry diller in this? he is big money endorsing something that is disruptive. all of these trends are talking about, whether u.s.-china, film moving to asia, you s
ratings are not looking good either. >> it hurt the economy. >> the economy is moving in the right direction and any sort of shutdown or shake, the uncertainty in washington is what is damaging the economy right now. >> as they take budget off the table temporarily, what is obama doing as his domestic priorities? >> he has to devote all of his attention into righting the healthcare ship. this is his legacy-defining item. the enrollment numbers are looking pretty good but that is in the front end. enrollment is a lot different than actually getting the 7 million people that they need signed up and having purchased health care. they are focusing big on colleges, on getting the word out to be able to get the young uninsured signed up to balance out that risk pool. >> i am not in that risk pool. if they are going punt on entitlements and taxes, which they're going to do, they will not do it next year either, are they? >> i am starting to believe that none of that can happen meaning structural changes to entitlements until we have another big election or some kind of big economic shock
that you are pointing to says, what we need to do is andte growth in the economy growth in the economy will take care of all of the a prop -- all of the problems that stand is worried about. it will not take care of all the problems i'm talking about. i am very sympathetic to what larry is saying, who i consider a friend. he -- to get too number numbery. 40 years ago, this is an argument very would be sympathetic to. 40 years ago we spent 42% on government investment. that would include things like infrastructure, education, r&d. we spent about 30% on transfer payments to the elderly. we now spend 68% on transfer payments but investments are down to 15%. so, i think to larry's point, what did we get out of the investment? we got the internet, gps, the human genome. >> that is where you agree? >> i totally agree. if you look at the sequester -- >> investments are worthwhile and crucial to our future. >> yes, but we are cutting the investment so we can continue to let transfer payments to the elderly grow at a rapid rate. we cannot do both. >> or we are cutting the investments because we
that the economy needs to keep going? >> it could be. don't forget the manufacturing survey was very strong. manufacturing is right now ash the surveys are coming back better than they were before. construction and manufacturing are adding about 45,000 jobs of the 200,000 count. that means it is a broad based increase in jobs. >> when you talk about manufacturing and construction, that broad-based incentive, that is going to translate, i would imagine, into the housing market as well, i would imagine. >> one of the keys to getting the unemployment rate down -- that is why the fed keeps pushing. they want the unemployment rate comeback. we lost construction jobs during the session. jobsyear we have created back. this is evidence that construction is going to add more and more. the jobs count will stay higher. >> chief financial economist joining. good to have you. looking for job? turn to thetime to tech industry. we will have that story when bottom line continues in just one moment. ♪ >> welcome back. let's show you how the equity markets finished the session for december 6, 2013. halting
of the economy's out there. greece could put this to germany for once. these are what you want to see. >> you are partially english, partially italian. not a good or bad thing. there is a group of death, a group of joy. you can have holland, you can have brazil. it needs ant, it extra country. this is actually fascinating. for a lot of football fans, this is a big deal. >> we were talking earlier this week, they are at 10%. >> the first contraction since 2009. this was meant to be brazil's rival on the international stage. they come out and they have had a contraction. you look at the shiny brand-new stadiums. three and a half billion dollars. it is almost three times what was spent in south africa. there has been an out rising in this country. much was being spent on this event. on awill be so much sporting event. they are heading terms of the sporting event and the economy as well. >> thanks, john. >> now for a preview of what is coming up in the program. you are looking at ireland's exit from its bailout program. countryis the poster for austerity doing the right thing. michael lewis will
the spotlight on an emerging economy. i guess investors such a yourself, i know you cover emerging markets. what is your take on brazil overall or emerging markets? >> i think emerging markets in general are facing some head winds. really a reverse oovel what we have seen in the last many years or diamondback aid or so. in particular, the previous decade we were seeing falling global interest rates. we have a theme in commodity prices which which is in some way reversing over the medium term. thirdly, you had a significant boost to many emerging economists as a result of the labor markets which is becoming less parent as we move forward. when you add to the fact that some emerging markets have also built up external -- making their currencies vulnerable and leaving them also vulnerable to inflation and pressures and rising rates. the cocktail i think results in more concerns about merging economies and their markets relative to what we're seeing in the developed economies where a more sustained economic recovery and profit recovery, i think, is coming flument >> peter thank you so much for that
and bonds. >> when you say low for longer, is that more a call on the economy or market or both? >> both. we think growth is going too slow for a longer time. we think the fed is going to keep monetary policy easy. short-term rates we think will remain where they are. longer term will budget up a bit. these are pretty high. we use a lot to choose out of that. we have a little bit more. we want to be a bit cautious for the longer-term right now. we want to make sure that people are using this diversification to understand that correlation may work against them. >> the rule next year will be a huge factor in how that plays out. we spoke with peter fisher as well. >> i think all over the world we see countries trying to make a handoff from monetary policy to fiscal policy. >> they would love to do that. >> they are trying to let go of the reins. they would like to not be the only game in town. that may be optimistic. i think we would like see fiscal policy pay a bigger role. they're trying to get a handoff to consumption of structural reform. central bankers are going to be important. they woul
. there is a desire to make exports a bigger part of the british economy. the rise may make this difficult, dampening inflation. pay attention to sterling. it may have a problem in the ecb. will he does inflationary pressure -- will lead this inflationary -- will the disinflationary pressure on the continent force the ecb's hand? today could be an interesting little stop in that story. francine, back to you. >> this is what we are talking about. george osborne gives the autumn statement in just over an hour. it comes at a time when the uk's the best-performing economy in the g7. manus cranny joins us live. osborne goes to dispatch with a strong set of data. you have a couple guests, what is the cement -- what is the sentiment? the data is a strong. construction, housing, manufacturing, services took a dip. i talked to someone who was skating in terms of you promised we would be at this point a long time ago. great but there are structural problems. brothers gating approach from -- rather skating approach. then we talked to the head of the british chambers of commerce. he said it is about as this rate
around the world. the u.s. economy grew faster in the thor quarter than first figures showed. up from the initial estimate of 2.8%. the biggest increase in inventory since 1998 is the reason. two low-fare carriers will benefit from the merger that is creating the new american airlines. southwest air and virgin america will gain flight slots at laguardia airport. settlement of a the justice department suit blocking their merger. night a record breaking for norman rockwell's painting. it sold for $46 million. it was the most ever for a painting. it was voted a reader favorite. i am not sure when it was voted a reader favorite. let's start with a blackstone to joe brought up. -- joe marotta. -- barata. we welcome joe for his first television interview. >> thank you for having me. seems sensible to talk about private equities, since that is what you do. why isn't it busier? fordoes it seem so hard people in your business to find things to buy? >> that is the perception i think. we are in a more normal private equity environment right now. i don't think it is slow, i wish it was busier. i
will be better than in 2013. even in the long-term secular view, when you have a global economy that is growing, we have noticed a trend that the merchandise exports as a percentage of gdp is doubling at a faster rate than any time in world history. >> all of the doom and gloom and talk about unemployment and the u.s. growing slower than it should, you can listen to that data and recognize there is global growth. >> yes, and the fundamental changes will be better in 2014 than in 2013. the u.s. grew 1.7% 2013. we think it could be 2.5% next year, in part because the contraction and fiscal policy will be less next year. >> we are focused on alternate assets on this show. how does water work? >> water is unappreciated -- its global consumption pattern is directly correlated to rising global incomes. if we are right that the world's population is going to grow by another 2 billion people in the next 15-20 people, water consumption is going to go up meaningfully. >> any company that can treat it and process it and clean it will benefit. so much of global growth is derived in cities. >> when we think
. they will eliminate if they can. if the economy response, they will continue the policy rate for a long time. another man who knows a thing or two about the economy, a man who actually ran the fed -- we're talking about alan greenspan. he coined the term rational exubera and. -- rational exuberance. he has just written a book about bubbles. that is not his concern. >> i am more concerned about the fundamentals. >> of the overall economy? >> exactly. then i am about the state of euphoria. what iso you say that? the red light on your radar that you are concerned about? >> first of all, profits have been rising. is, a share of national income has been rising to levels which cannot persist. slowdown inven a the rate of increase in the share of profits, that in and of itself slows the growth in earning and eventually slows the expectations for future earnings. that is one. the main issue is interest rates. i have written in the book that i published two weeks ago -- it is very difficult for me to see that we are not on the edge of a significant rise in long-term rates. i do not know when that is. i do kno
take a look at the menu. an economy jobs report, wall street can dance. hiring is up and so is stocks. we will go inside ebay today and find out how the auction site ashley is all it top talent. politics? budget? d-day is upon us and congress does not know if they will be able to make the deadline. wet is next week. in sports, are told about the nike deal. an exclusive interview. finally, bottoms up. we will learn how to taste a $2000 bottle of whiskey. let's get to the economy in the november jobs report. new jobs, 200-3000 knitted. the unemployment rate is down to a five-year low. >> this month came in at 7.023%. point/10 of a percentage below a six handle. the fed has been talking about exploit five percent and that is their threshold. we are getting awfully close to will not only spark taper talk but also a lot people out there that the job market is getting better. if they see in december we fall to a six percent number. so a jobs report that causes the fed to taper talk a little sooner. you might think that would freak out wall street. not the case. stocks are rising today. it i
constitutionalism, and the rule of law, open market economies, diversity, and non-racialism. >> i am extremely sad. it is tragic news. just remind it what an extraordinary and inspiring man nelson mandela was. my thoughts are with him and his family. >> i want to introduce you now to an ambassador who has dealt with nelson mandela in the past, the first woman u.s. ambassador to south africa, and the senior director for african affairs at the national security council, currently a distinct professor at carnegie mellon university and also the director of the carnegie center for international policy and innovation. ambassador, thank you so much for joining us. tell us about meeting nelson mandela in person and what it was like. >> i first met nelson mandela in 2001 at the white house in the oval office when he came to meet with president george walker bush. i was, of course, like everybody else in the white house, all inspired.-- awe- he was frail at the time, but he was a very straight up guy, very tall, a magnificent presence. and even though president bush, for instance, help him walk out to the r
if the government does not control it to some degree from spilling over into the real economy. >> what are the popular things purchased using bitcoin? >> people are using it for anything and everything. even house purchases, i've heard. chinese maintain strict technical control. you can only bring in $50,000 a year and take out $50,000 a year. house prices, you would not get much for $50,000. people are finding ways to circumvent these capital controls. i think bitcoin has found tremendous and peel -- appeal among money -- money laundering and criminal elements as well. they enforce this? >> the way china has to move is reform. there's a lot of talk of pushing reform. we have foreign central banks increasingly holding reserve. if they do not liberalize fast enough, then you will see, whether bitcoin or other types ,f currencies or instruments emerging. the party wants to send a warning to stay related banks and companies not to use this currency. >> we talked about the new administration in china. do you see them moving in a more conservative direction? >> socially and politically, alm
. the market believes that the economy is ready to take over for them. instead of propping up earnings with the stimulus, you get more people spending more money. it is a smooth handoff. that may to say, but be what is behind the thinking today. it is hard to tell what is going on in the bond market. maybe some shortselling. you are not seeing a big pop in interest rates. you may see it the same way that your pricing the economy. >> does it surprise you that volumes are low? usually we see a big push. could it be that it is december and people are wrapped up for the year? >> that is certainly possible. you do not want to take a chance. we are up for the year. nothing has been more volatile than the unemployment report. maybe people did not make huge bets this time. they are all looking to get out of town on friday. >> i am not looking to get out of town. we have two hours of great tv to do. michael mckee, hank you for joining us. we want to turn our attention to the labor department. they say 3.6 million workers were paid at or below the minimum wage of seven dollars -- $7.25 last year
. versus the s&p 500, 27%. cake, and to have my eat it, too. not bad. our closer says the economy has 20 of momentum. is loftygh there expectations for tomorrow's jobs report, she believes the expectations will be met. she is a bloomberg best for her stellar forecasting ability and .our -- and a senior economist welcome back. last jobs report of the year tomorrow. lookdo you think it will like? >> all of the other labor market data that has been coming in has been coming in very healthy. expectations are also very lofty for tomorrow's report. the supporting data says we will get a nice, big support. at 190 five, slightly above consensus. in, coalescing around the 200,000 level. if it comes in around that mark, markets are expecting that kind of number. you set yourself up for a big knee-jerk reaction if we do not meet that number. that said, we are trading down because there is good economic data, and everyone says we will pave her sooner than perhaps the market was like. so if we get the week report bar roque, it might not necessarily be the worst thing for the markets. quac >> weak or
. they are the strongest economy in the eu. down in asia-pacific were two percent, mostly because of japan. they sell their largest decline since february. long return analysts are destructive on mcdonald's. they see international development and product opportunity -- get what you want whenever you want it. as we're seeing with same-store sales, particularly in the u.s. and asia, it is a long battle for the company. they do not have explosive growth that we expect from names like chipotle. >> we have some breaking news about another for -- food merger. sysco will buy u.s. foods. they will be buying u.s. foods for $3.5 billion. getting back to what alix steel was saying about mcdonald's, we have this point that they are on every corner in the united states. people are looking at alternatives to get their food. we talked to the ceo of mcdonald's and this is what he said about the saturation question. >> i would tell you that we're nowhere near saturation. i wish we were on every corner. we are not on every corner yet. we have a lot of opportunity. clearly, in emerging markets. we have opportunity in t
will be better than and 2013. global economy that is growing, we have noticed that the merchandise exports as a percentage of gdp is doubling at a faster rate than any time in world history. and gloom anddoom talk about unemployment and the u.s. growing slower than it should, you can listen to that data and recognize there is global growth. wille fundamental changes be better in 2014 dan 2013. 1.7% -- 1.7% in 2013. it will grow more in 2014. the contraction and fiscal policy will be less next year. >> we are focused on alternate assets on this show. how does water work? consumptionl pattern is directly correlated to rising global incomes. if we are right that the world's population is going to grow by another 2 billion people in the next 15-20 people, water consumption is going to go up meaningfully. can treat ity that and process it and clean it will be profit. growth is global derived in cities. when we think about where big, urban populations, that is where you have big concentrations of wealth and concentrations of rising income. us is a waying for to make the grid better. use your ele
in the transactions to watch and its affect on the economy. that is coming up tonight. hope to see you then. by midnight tonight, members of congress need to enroll in the health care plan under the affordable care act. or they risk losing their government subsidy. us now fromly joins washington. lawmakers, are they having any problems signing up for health care? like every day, they are facing technical glitches. some sticker shock as well as they plan to drop their federal health care plan and sign up for the obama health care law. they have to beat some of their own cooking. they have to experience what their constituents are dealing with. the reality is, they have more options. 112 gold level planned by four different insurers. the government picks up about 75% of their premiums. the onlineet to use exchange, not the troubled healthcare.gov. john bane are signed up for an individual plan. his office that it took them several hours and he does not really like the end result. a new $800 a month premium went to factor in his wife's medicare. arey health and premiums going to double. m lope
of the real economy and not just the few. but it's not over yet. -- >> it's not over yet. other banks are actually holding out for something better. i cap actually withdrew from the libor settlement. it's not just libor. there are plenty of investigations of benchmark rate, foreign exchange, gold, oil -- take your pick. if it's a market, they might be playing with it. and speaking of oil, that brings us to cartel number two. this one is not illegal. more like an internationally accepted one. of course, we are talking about opec. 12 members and at least eight of them showed up at a meeting this week in vienna. they meet twice a year to decide how much crude to pump out. today, the ministers decided to keep the crude output target unchanged. the maya -- kumbyh? not exactly. >> you have all these countries like iraq, libya, and iran saying we will export all this oil out into the world. he is like, that is not going to happen. there are so many issues preventing that supply coming across. there will be a day of reckoning for saudi arabia windows barrels, line. it is not there yet. >> ira
will deliver a statement later today. u.k.mes at a time when the is the best-performing economy. manus cranny joins us. he will be delivering the autumn statement. the background that is improving. is it cold where you are? [laughter] it is a bit snippy -- nippy. georgeocus on what that theater of politics will happen in parliament behind me. mr. cameron was in china. is aboutring -- today politics. it is about economics. it is but the middle class and democratization. you have got manufacturing and carney talking about the recovery here. get -- later on today. these are quite significant. existence. belong in this would be the first time they have upgraded their outlook. what are we expecting? well, it is going to be we are expecting the largest upgrade in the millennium. we are warned the job is far from done. and will say this year, 2013-2014, they are expected to .ouble what is significant is going forward into 2014-2015. we have a rate of 2.5% as the estimate. that is nowhere near what the bank of england believes will happen. austerity tomore come, as we understand. there could be a kin
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